100 Singapore investors demand refunds from a gemstone investment scheme linked to USFIA Inc., under MAS fraud suspicion and police investigation.
In Singapore, around 100 investors, including elderly retirees, are demanding refunds from a gemstone investment scheme resembling a multi-level marketing program. The scheme, involving amber gemstones and promises of high returns through cryptocurrency, has faced scrutiny. The Monetary Authority of Singapore has listed it as a potential fraud, and the police are investigating complaints. The scheme is linked to USFIA Inc., previously labeled a pyramid scheme by the SEC.
September 23, 2024
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